The sections below offer links to state, local and national resources and information for both immigrant entrepreneurs and financial partners and lenders. The majority of the business development services provided by state and local government as well as nonprofit organizations are free of charge, and many target the needs of small and minority-owned businesses. Many community-based organizations, including ethnic minority organizations and community development corporations, also offer English language classes, skills training, career advising, and business development consulting. Ethnic and neighborhood business associations, regional chambers of commerce, and local government economic development bodies can also provide a source of local and regional business information, technical assistance, peer support, advocacy, and marketing opportunities.

Massachusetts Resources for Immigrant Entrepreneurs

Developed by the MIRA Coalition, this guide provides a basic picture of what the New American entrepreneur will need to open a business in Massachusetts, and helps would-be business owners find the best tools, training and financing opportunities to start and keep a business going. The guide also provides an overview of the many resources available in Massachusetts for business owners who are just starting out to help them plan, create and finance a new venture. The guide can be useful as well for community-based organizations or other immigrant- or refugee-serving groups whose staff or membership need to access reliable, up-to-date information about starting or maintaining a business.

Business Development Information and Assistance (Statewide and Boston-based)

An important new initiative for immigrant entrepreneurs is the U.S. Citizenship and Immigration Services' (USCIS) "Entrepreneurs in Residence" program. USCIS has also created an Entrepreneur Pathways web portal that addresses immigration issues facing entrepreneurs coming to the U.S.

The Boston Redevelopment Association's Back Streets program is designed to support small and medium-sized industrial and commercial businesses that help form the city's economic backbone.

The Boston Entrepreneurs' Network is a special interest group of the Boston section of the Institute of Electrical and Electronic Engineers; their goal is to connect early stage entrepreneurs with information and resources necessary to transform an idea into a successful product or service business.

Information and Resources for Access to Capital

The Massachusetts Growth Capital Corporation was created by act of the Governor in 2010 to help create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities. Programs include direct loans from $100,000 to $1 million and microloan assistance though technical assistance grants to local and regional economic development partners.

The Massachusetts Banking Partners Small Business Loan Program is a small business loan program designed to improve access to financing by very small businesses that are receiving one-on-one assistance and training from small business assistance providers, especially where the businesses are located in low- or moderate-income census tracts and/or require small loan sizes.

The Massachusetts Capital Access Program (CAP), operated by BDC Capital Corporation, is designed to help small businesses (with less than $5 million in revenues) throughout Massachusetts obtain loans from participating banks.

Basic Banking for Massachusetts is a voluntary program of partner banks across MA that works to expand access to low cost bank products and services for those with modest incomes.

The Midas Collaborative is a statewide network of innovative community groups increasing economic stability in Massachusetts through financial education, personal savings, and access to wealth-building assets such as homes, cars, college educations, and small business.

Mass Saves is a broad volunteer-based network of public and private stakeholders - financial educators, providers, community organizations and advocates - that work with youth and adults to improve the quality and delivery of financial education across the state.

The Massachusetts Financial Literacy group is a listserv hosted by The Education Committee of the Boston Alliance for Economic Inclusion that serves as a clearinghouse for financial education information and related courses that seek to educate consumers and small business owners about any aspect of personal or business financial planning.

The Corporation for Enterprise Development (CFED) provides basic information for Massachusetts consumers on Individual Development Accounts (IDAs)--matched savings accounts that allow people to save, build assets and enter the financial mainstream.

The New Economy Project works to eliminate barriers to access to services for low-income communities by fostering democratically-structured, community-controlled initiatives such as worker cooperatives, community development credit unions, community land trusts, and mutual housing. NEP's Immigrant Financial Justice Project works to address systemic barriers that immigrant communities face to fair banking and credit access, and devises strategies to press for change.

Small business and microloans for local and regional businesses, including loans funded by the U.S. Small Business Administration, may be available through the Massachusetts economic development programs below. A directory of SBA Small Business Investment Company (SBIC) licensees in Massachusetts is available here. Click here for a map of the organizations below.

Hispanic-American Chamber of Commerce. Supports economic development and success of the Hispanic business community in New England. HACC hosts seminars and networking meetings, business education and assistance programs, government and industry forums, social events and charitable activities.

Resources for Financial Partners and Lenders

The FDIC offers the free Money Smart course, to help banks fulfill their obligations under the Community Reinvestment Act by training adults outside the financial mainstream how to enhance their money skills and create positive banking relationships.